User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday February 7, 2006 - 13:54:58 GMT
GCI Financial -

Share This Story:
| | Email

Forex Market Commentary and Analysis (7 February 2006)

The euro was little-changed vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.1950 level and was capped around the $1.2015 level. The common currency wandered about fifteen pips above the 38.2% retracement of the move from $1.2590 to $1.1640 and then receded back below the figure. There are a couple of themes on the minds of traders today. First, there is a US$ 21 billion quarterly refunding of three-year U.S. Treasuries today and some traders are concerned that a decrease in foreign bidding may pressure the dollar. A decrease in foreign interest – or indirect bidding as it is known – could signal a renewed concern with structural imbalances in the U.S. economy. The U.S. has easily financed its massive current account deficit with foreign investment portfolio inflows but this may become more difficult as U.S. domestic financing needs increase. Second, to this end, the Bush administration released a draft of next year’s proposed US$ 2.77 trillion fiscal budget and announced it anticipates a budget deficit of about US$ 423 billion this year. The U.S. dollar is still being supported, however, by a renewed sense that the Federal Reserve has not yet finished tightening monetary policy. The fed funds futures contract is now pricing in about an 88% chance of a +25bps monetary tightening at the 28 March Federal Open Market Committee meeting, up from about 58% two weeks ago. A strong labour market that is near technical full employment and renewed wage price pressures have contributed to the view the Fed has at least one more rate hike to go. In fact, some dealers are already speculating the Fed will move rates higher on 10 May also. In eurozone news, it was reported that German December industrial output was off 0.5% m/m, defying expectations of a +1.0% increase. Euro offers are cited around the US$ 1.2060/ $1.2110 levels.

¥/ CNY

The yen moved sharply higher vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥117.60 level after failing to move above offers around the ¥119.15 level. Stops were hit below the ¥117.95 level, representing the 23.6% retracement of the move from ¥113.40 to ¥119.40. Chartists are eyeing the ¥117.40 level as the next downside target, representing the 50% retracement of the move from ¥121.40 to ¥113.40. Data released in Japan today saw January foreign reserves increase to US$ 851.67 billion meaning Japan still officially has the largest amount of foreign U.S. reserves in the world. Some traders moved into yen from dollars overnight ahead of tomorrow’s two-day Bank of Japan Policy Board meeting. Some are speculating the central bank may announce an early end to its long-standing quantitative easing policy but this seems unlikely now. The central bank has repeatedly said core consumer inflation must stabilize above zero per cent before it will begin to unwind its unorthodox monetary policy regime. Even then, it will likely take years for Japanese interest rates to normalize. Remarks from BoJ Governor Fukui are expected on Thursday and will likely offer the central bank’s latest thinking on interest rates. December household spending and machine orders will be released on Friday. The Nikkei 225 stock index shed 0.16% to close at ¥16,720.99. Dollar bids are cited around the ¥117.40/ 117.10 / ¥116.45 levels. The euro weakened vis-à-vis the yen as the single currency tested bids around the ¥141.10 level after peaking around the ¥142.60 level. The British pound and Swiss franc depreciated vis-à-vis the yen as the crosses tested bids around the ¥205.70 and ¥90.70 levels, respectively. The Chinese yuan depreciated marginally vis-à-vis the U.S. dollar as the greenback closed at CNY 8.0578 in over-the-counter trading and at CNY 8.0566 in exchange-traded activity. A Chinese editorial printed today called on People’s Bank of China to conduct “pre-emptive fine-tuning…to maintain a balanced economy.”

The British pound came off vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.7445 level and was capped around the $1.7515 level. Technically, the pair bearishly stopped short of testing offers around the $1.7530 level, representing the 50% retracement of the move from $1.7130 to $1.7935. Sterling was pressured after the release of a week BRC January retail sales growth survey that evidenced the most depressed sales growth in at least eleven years after the pre-holiday surge in December sales activity. Sales were up a mere 0.2% y/y, below expectations of a 1.5% improvement and a material deceleration from December’s 2.6% rise. A couple of negative surveys dented sterling today. First, one survey reported the manufacturing sector could lose another 24,000 jobs over the next three months while another survey reported U.K. pay pressures eased last month. Some Bank of England Monetary Policy Committee members are concerned that high oil prices will have second-round effects on consumer prices and wages. BoE’s MPC will convene tomorrow and Thursday to deliberate monetary policy but is not expected to alter policy at this time. Some traders, however, believe MPC could lower rates as early as next month. Cable offers are cited around the US$ 1.7560/ 1.7600 levels. The euro gained ground vis-à-vis the British pound as the single currency tested offers around the £0.6860 level and was supported around the £0.6840 level.


The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.2950 level after failing to get above the CHF 1.3025 level. Technically, today’s intraday low is right around the 61.8% retracement of the move from CHF 1.3195 to CHF 1.2555. Data released in Switzerland today saw the January unemployment rate rise to 3.9% from 3.8% in December. Some dealers moved into Swiss francs on increasing tension between Iran and the global community concerning the former’s nuclear ambitions. Iran has announced it will suspend all voluntary inspections by the United Nations of its nuclear facilities. Dollar bids are cited around the CHF 1.2885 level. The euro and British pound receded vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.5540 and CHF 2.2645 levels, respectively.


Forex Trading News

Forex Research

Daily Forex Market News
Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

Forex News
Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."

Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Tue 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales

John M. Bland, MBA
co-founding Partner,

Global-View Affiliate Program

We are starting an affiliate program to market some of our products.

Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.

Put the word "affiliate" in the email subject line.

Contact us

Start trading with forex broker Markets Cube

Max McKegg's Daily Forex Trading Forecasts

Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.

Request a TRIAL of Max's Forex Service.


Retail Forex Brokerage Changing!

Are you looking for your first broker or do you need of a new one? There are more critical things to consider than you might have thought.

We were trading long before there were online brokers. Global-View has been directly involved with the industry since its infancy. We've seen everything and are up-to-data with recent regulatory changes.

Our Best Brokers listing section includes:Forex Broker Reviews, Forex Broker Directory, Forex Broker Comparisons and advice on How to Choose a Forex Broker

If would like guidance, advice, or have any concerns at all ASK US. We are here to help you.

SEE Our Best Brokers List

Currency Trading Tools

  • Live rates, currency news, fx charts. 

  • Research reports and currency forecasts.

  • Foreign Exchange database and history.

  • Weekly economic calendar.

Directory of  Forex trading tools

Terms of Use    Disclaimer    Privacy Policy    Contact    Site Map

Forex Forum
Forex Trading Forum
Forex Forum + forex rates
Forex Forum Archives
Forex Forum RSS
Free Registration

Trading Forums
Currency Forum Guide
Forum Directory
Open Forum
Futures Forum
Political Forum
Forex Brokers
Compare Forex Brokers
Forex Broker News
Forex Broker Hotline

Online Forex Trading
Forex Trading Tools
Currency Trading Tools
Forex Database
FX Chart Points
Risk/Carry Trade Chart Points
Economic Calendar
Quicklinks to Economic Data
Currency Futures Swaps
Fibonacci Calculator
Currency Futures Calculator

Forex Education
Forex Learning Center
FX Trading Basics Course
Forex Trading Course
Forex Trading Handbook

Forex Analysis
Forex Forecasts
Interest Rate Forecasts
Central Bank Forecasts

FX Charts and Quotes
Live FX Rates
Live Global Market Quotes
Live Forex Charts
US Dollar Index Chart
Global Chart Gallery
Daily Market Tracker
Forex News
Forex Blog
Forex News
Forex Blog Archives
Forex News RSS
Forex Services
Forex Products
GVI Forex
Free Trials
FX Bookstore
FX Jobs and Careers
Jobs USA
Jobs UK
Jobs Canada

Forex Forum

The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.

Forex News

The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.

Currency Trading

Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by

Forex Brokers

The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.

Forex Trading

Forex chart points are in a currency trading table that includes; latest fx tradinghigh-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx trading tools is updated.

FX Trading

Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.

Forex Blog also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105